European session, Date: 07/08/2024
Introduction and overview
The EUR/USD pair opened the second week of July with a gap at 1.0802. This gap was covered a few hours after the start of the Asian session. The euro declined after closing higher at 1.0841. Below is a technical analysis of the EUR/USD pair based on currently available data. The pair is currently trading at $1.0823. The data indicates that prices are trading above most of the moving average crossings, reflecting the strength of the trend. The MACD indicator also shows a weakness in the strength of the positive trend.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0827 | 1.0811 | Entry point |
| First resistance: 1.0848 | First support: 1.0791 | Target Point 1 (TP1) |
| Second resistance: 1.0870 | Second support: 1.0770 | Target Point 2 (TP2) |
| 1.0811 | 1.0827 | Stop Loss (SL) |
Conclusion
Based on current technical analysis, it is observed that the EUR/USD pair is showing strength in the overall trend supported by moving average data, but the MACD indicator is indicating relative weakness in the positive trend. It is important to follow global economic and political developments that may affect this pair to determine the future trend more accurately.
